Are you having trouble with mortgage refinancing because your home loan is about the conforming loan limit set by Fannie Mae and Freddie Mac? If this is the case mortgage refinancing is still possible; however, it’s going to be much more expensive when it comes to rates and fees. Here are several tips from HSH.com to help you get the lowest jumbo mortgage refinance rates without paying unnecessary fees:
If you buy apparel from “big and tall” clothing stores, you’re used to paying more and having less to choose from. “Regular guys,” on the other hand, benefit from a wider selection of products and more competition between retailers. Jumbo mortgage refinancing is the same way — a jumbo loan is harder to find and more expensive than smaller Fannie Mae, Freddie Mac or FHA loans.
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Because fees for jumbo mortgage refinancing are much higher than traditional mortgage loans, it’s even more important to pay less at closing. The reason fees are so important when it comes to jumbo mortgage refinancing is that you have to recoup your out-of-pocket expenses before benefiting from lower refinance rates. If you don’t recoup closing costs or refinance again before breaking even you’re going to be losing money no matter how low your new interest rate.
Remember that your refinance mortgage rates along with term length determine your payment amount. Accepting higher rates translates to even higher payment amounts when it comes to jumbo mortgages because your loan balance is so high.
You can learn more about paying less for your next jumbo mortgage refinance with the best mortgage lenders by checking out my free Underground Mortgage videos.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
